Friday, 24 March, 2023

IBM quarterly sales hit two years high on cloud demand

<p>IBM recorded the highest quarterly sales growth in more than two years as sales from its cloud computing services jumped 21% to $6.5 bn in the quarter. The 109-year-old firm is now focusing on the hybrid cloud, a $1 trillion opportunity. Total revenue rose nearly 1% to $17.73 bn, beating the market avg estimate of $17.35 bn. Net income fell to $955 mn, or $1.06 per share, in the March quarter, from $1.18 bn, or $1.31 per share, a year earlier.</p>